Who is a First Time Homebuyer?
- An individual not having owned a home in the last three years; or
- A displaced homemaker who previously owned a home with a spouse or lived in a home owned by the spouse.
Individuals making at or below 80% of the median Income. Income eligibility guidelines.
applicants receiving financial benefits must be a US citizen or a
Temporary/Permanent Resident Alien as defined by Federal regulations.Â
What properties are eligible?
- ONLY properties located within the city of Plano limits.
- Single-family residences that are new or pre-owned, attached or detached dwellings.
- Lender-approved insurable properties, including condos and town homes, are eligible.Â HUD foreclosures are eligible.
In addition, if the purchaser buys a home needing repairs, the City may make available funds for aÂ low-interest rehabilitation loan.Â
Are there property requirements?
Yes. All homes to be purchased:
Â Â Â Â 1.Â Must have a working smoke alarm;
Â Â Â Â Â 2.Â May not be located in a flood-prone area; and
Â Â Â Â 3.Â If built before 1978, pass a City lead-based paint test.
Are there additional Program requirements?Â
Yes. Program participants must:
Required Homebuyer Class:
applicants, spouses and any other person whose income is used to
qualify for the mortgage must attend the City of Plano Homebuyer
Education class. Instructors are certified by the Texas Department of
Housing and Community Affairs as Homebuyer Education Providers.
class is usually held on the third Saturday of each month at the Plano
Municipal Center, 1520 K Avenue. The class hours are 8 a.m. to 3:30
The City of McKinneyÂ HOMEBUYER Assistance Program
HOME Investment Partnerships Program Grant Funds City of McKinney HOMEBUYER Assistance Program
The City of McKinneyÂ HomebuyerÂ Assistance Program provides down
payment and closing cost assistance to low-to-moderate-income first-time
homebuyers within the City of McKinney. Assistance is provided up to
$10,000 as a 0% interest 5-year forgivable loan for down payment and
non-recurring closing costs associated with the purchase of the new
home. The loan is repayable only if you refinance, pay off the first
mortgage, sell or otherwise convey title to the property within the
These funds are made available through a grant from the Texas
Department of Housing & Community Affairs' HOME Investment
You are Eligible if:
- You are a first-time homebuyer. A first-time homebuyer is an
individual or household who has not owned a home in the last three years
or is a displaced homemaker.
- You are able to provide proof of U.S. citizenship or permanent legal resident alien status.
- You are able to qualify for a mortgage loan with a private lender.
- The debt-to-income ratio (â€œback-end ratioâ€) may not exceed 45%.
- The housing ratio ("front-end ratio") must be at least 25%.
- You will reside in the home as your principal residence.
- The homeÂ is located within the city limits of McKinney, Texas.
- Your income does not exceed 80% of the Area Median Income.
- You complete a HUD and City of McKinney approved homebuyer counseling workshop.
- The buyer contacts a private lender of their choice.
- The buyer signs an accepted real estate purchase contract with the Seller. Proof of Earnest Money paid must be included.
- The buyer completes and delivers a Homebuyer Assistance Program
Application together with all required documentation to the McKinney
Housing Services Office. Completed applications must be received by the
Housing Services Office no later thanÂ 45 days prior to expected closing
on the property.
- Only completed applications will be considered. WithinÂ 5 business
days of receipt of an incomplete application, notice will be sent to the
homebuyer detailing items still outstanding. Applications that are
still incompleteÂ 30 days after initial submission will be denied.
If you would like to find out if you qualify, click the link to print an Application.
Submission of the Application does not automatically qualify you for
assistance under the program. It is the applicant's responsibility to
make arrangements for the home purchase should it be determined by the
McKinney Housing Services Office that the applicant does not meet